IRDA Notifications

Four changes applicable from 1st August, 2020

Corporate Law - From 1st August, 2020 some rules are getting change. The changes may affect our life. The new rule will be implemented after replacing old one. These changes include the rate of contribution in EPF, change in insurance, interest rate rules on bank accounts. EPF will be deducted @ 12% The Finance Minister announced that monthly […]...

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ULIP Investments – New Rules

Corporate Law - The investment in Unit Link Insurance Plans (ULIPs) is now all set to be governed by new set rules from the Insurance Regulatory and Development Authority (IRDA), to be incorporated in all ULIPs offered from next month. Accordingly, the three-year lock-in period for all unit-linked products will be increased to five years....

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ULIPS: New Regulatory & Tax Regime

Corporate Law - The tug of regulatory war over unit linked insurance plans (ULIPs) has ended with regulatory regime to be retained with insurance regulatory body (IRDA). The Central Government has promulgated an Ordinance (legislation) to the effect that ULIPs shall be regulated by IRDA only, thus ending the ongoing claims by both regulators- SEBI and I...

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IRDAI Advises All Insurance Firms For Issuance of Digital Insurance Policies Via Digilocker

Corporate Law - IRDAI advises all Insurance companies for issuance of Digital Insurance Policies via DigiLocker, It will lead to better customer experience with faster claims processing and settlement, reduction in disputes and reduction in fraud...

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IRDAI Report of Committee for Review of MISP Guidelines

Corporate Law - The committee is of the view that, given the potential opportunity for motor insurance business through the MISPs, there is a need to develop and strengthen regulatory framework and supervision activities for this distribution channel. It was also suggested that the registration, operational and code of conduct requirements across similar...

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Exposure draft on IRDAI (Regulatory Sandbox) (Amendment) Regulations, 2021

Corporate Law - To give a fillip to insurance penetration and to facilitate innovations in the insurance sector, especially those triggered by technology the IRDAI notified the IRDAI (Regulatory Sandbox) Regulations, 2019 on 26th July, 2019. The Regulations are valid for a period of 2 years from the date of publication in the official gazette....

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IRDAI announces Insurance Research Grant Scheme

Corporate Law - Insurance Regulatory and Development Authority of India (IRDAI) sponsors proposals under IRDAI Research Grant Scheme, which provides opportunities for research in the field of Insurance. IRDAI welcomes theoretical or applied research work in the areas related to policyholder’s protection, consumer education and issues adjunct with order...

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IRDAI informs public on revision in Health Insurance Premium

Corporate Law - There are some reports in the media about hike in health insurance premium rates by general and health insurers. Some of the news items attributed the increase in health insurance premiums to certain recent regulatory initiatives taken by IRDAI....

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Every claim made against an insurance company in respect of a loss, would be a claim within purview of claims “requiring to be paid or settled” under section 64UM(2) of Insurance Act

New India Assurance Co. Ltd. Vs. Union of India (Delhi High Court) - Every claim made against an insurance company in respect of a loss, would be a claim within purview of claims “requiring to be paid or settled” under section 64UM(2) of Insurance Act....

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Insurance company liable to pay compensation till vehicle owner’s name is in register

Pushpa @ Leela & Ors. Vs Shakuntala & Ors. (Supreme Court of India) - The Supreme Court held recently held in the case of Pushpa @ Leela & Ors. Versus Shakuntala & Ors that the insurance company will be liable to pay compensation for road accident death even if the owner had sold the vehicle so long as his name is the official register. The previous owner m...

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Insurance Ombudsman (Amendment) Rules, 2021

G.S.R. 147(E) - (02/03/2021) - 1. (1) These rules may be called the Insurance Ombudsman (Amendment) Rules, 2021. (2) They shall come into force from the date of their publication in the Official Gazette....

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IRDAI release formats for collection of Rural Insurance data

Ref. No: IRDAI/NL/CIR/MISC/033/2021 - (02/03/2021) - In order to monitor the performance of Rural Insurance Business and support the development of policy and regulation for promoting rural insurance business, it is necessary to analyses data pertaining to Rural Insurance. It has therefore been decided to collect data as follows:...

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Health insurance policy Information to be given to policyholders

Ref: IRDAI/HLT/REG/CIR/038/03/2021 - (01/03/2021) - While the policy document is forwarded with relevant information, in order to continue the relationship with policyholders and to ensure information flow, it is considered. important to periodically notify the policyholders. pertain relevant and key details relating to health insurance coverage avai...

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Guidelines on Standard Personal Accident Insurance Product

Ref. No:IRDA/HLT/GDL/MISC/036/02/2021 - (25/02/2021) - The insurance market is having a wide variety of personal accident insurance products. Each product has unique features and the insuring public may find it a challenge to choose an appropriate product. Therefore, with the objective of having a standard product with common coverage and policy wording...

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Prudent management of financial resources of insurers in context of Covid-19

Ref. No:IRDA/F&A/CIR/MISC/032/02/2021 - (25/02/2021) - The Authority has been assessing the economic position both at global level and at the Indian context, in general and the insurance sector in particular. The situation has been assessed based on the financial results of insurers for the quarters ending 30th September, 2020 and 31st December 2020....

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Insurance Ombudsman (Amendment) Rules, 2021

G.S.R. 147(E) (02/03/2021)

1. (1) These rules may be called the Insurance Ombudsman (Amendment) Rules, 2021. (2) They shall come into force from the date of their publication in the Official Gazette....

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IRDAI release formats for collection of Rural Insurance data

Ref. No: IRDAI/NL/CIR/MISC/033/2021 (02/03/2021)

In order to monitor the performance of Rural Insurance Business and support the development of policy and regulation for promoting rural insurance business, it is necessary to analyses data pertaining to Rural Insurance. It has therefore been decided to collect data as follows:...

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Health insurance policy Information to be given to policyholders

Ref: IRDAI/HLT/REG/CIR/038/03/2021 (01/03/2021)

While the policy document is forwarded with relevant information, in order to continue the relationship with policyholders and to ensure information flow, it is considered. important to periodically notify the policyholders. pertain relevant and key details relating to health insurance coverage available to the policyholders....

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Guidelines on Standard Personal Accident Insurance Product

Ref. No:IRDA/HLT/GDL/MISC/036/02/2021 (25/02/2021)

The insurance market is having a wide variety of personal accident insurance products. Each product has unique features and the insuring public may find it a challenge to choose an appropriate product. Therefore, with the objective of having a standard product with common coverage and policy wordings across the industry, the Authority has...

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Prudent management of financial resources of insurers in context of Covid-19

Ref. No:IRDA/F&A/CIR/MISC/032/02/2021 (25/02/2021)

The Authority has been assessing the economic position both at global level and at the Indian context, in general and the insurance sector in particular. The situation has been assessed based on the financial results of insurers for the quarters ending 30th September, 2020 and 31st December 2020....

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Formation of Committee to Review IRDAI’S Information & Security Guidelines

Ref. No:IRDA/IT/ORD/MISC/034/02/2021 (24/02/2021)

The economic situation owing to COVID-19 pandemic has seen an exponential increase in cyber-attacks across the globe and in particular, the financial sector. This situation has necessitated Regulators to re-look into their Cyber Security Guidelines applicable to all regulated entities in an effort to protect the financial systems....

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Committee formed to Review IRDAI’s Information & Security Guidelines

Ref. No: IRDA/IT/ORD/MISC/034/02/2021 (24/02/2021)

The economic situation owing to COVID-19 pandemic has seen an exponential increase in cyber-attacks across the globe and in particular, the financial sector. This situation has necessitated Regulators to re-look into their Cyber Security Guidelines applicable to all regulated entities in an effort to protect the financial systems....

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IRDAI Advises All Insurance Firms For Issuance of Digital Insurance Policies Via Digilocker

Release ID: 1697372 (12//0/2/20)

IRDAI advises all Insurance companies for issuance of Digital Insurance Policies via DigiLocker, It will lead to better customer experience with faster claims processing and settlement, reduction in disputes and reduction in fraud...

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Posted Under: Corporate Law |

Cheating By ‘Digital National Motor Insurance’ by Selling Insurance Policies

Ref. No: IRDAI/NL (11/02/2021)

It has been brought to the notice of IRDAI that an entity by the name of DIGITAL NATIONAL MOTOR INSURANCE, operating from #DNMI co. ltd. Portal Office, Krishna Raja Puram, Insurance Info Building, Devasandra, Bangalore – 560036...

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Product Structure for Insurance of RPAS/ Drones

Ref. No: IRDA/CIR/MISC/031/02/2021 (11/02/2021)

Product Structure for Insurance of Remotely Piloted Aircraft System (RPAS) / Drones - Currently, only a few general insurers in the Indian Market are offering insurance cover for RPAS/Drones through existing products under Aviation Insurance....

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